Abuja: President Bola Tinubu has pledged to provide an inclusive economy for all Nigerians where industries process raw materials locally. The president made the pledge at the opening of the 10th edition of Nigeria’s Mining Week, themed ‘Nigeria Mining: From Progress to Global Relevance’, on Tuesday in Abuja. Represented by Sen. George Akume, the Secretary to the Government of the Federation, he described the mining sector as crucial in realizing his administration’s desire to provide jobs for youths through the development of mineral processing industries.
According to News Agency of Nigeria, Tinubu said, “We are determined to create an economy that works for all Nigerians where industries process our raw materials here at home, small businesses thrive in global supply chains, and millions of dignified jobs are created for our youths. The mining sector is vital to this vision, stimulating local industries, creating employment opportunities, and generating revenue for infrastructure and services.”
Tinubu announced that his administration made the historic decision to increase the 2025 national budget by N4.5 trillion, with an extra N1 trillion earmarked for the solid minerals sector. He explained that these funds were being channeled towards geo-scientific exploration, detailed geological surveys, and the development of critical infrastructure to unlock Nigeria’s mineral-rich regions. This investment is intended to enhance Nigeria’s economic resilience by reducing its dependence on volatile oil markets and creating alternative revenue streams for the nation.
The president emphasized that this investment would ensure regional equity by spurring development in resource-rich but underdeveloped areas, boosting rural economies, and supporting the processing and export of minerals to increase foreign exchange earnings. “Already, our reforms have led to a dramatic upswing: in 2024, the solid minerals sector generated over N38 billion in revenue, up from N6 billion the previous year-a six-fold increase achieved through improved policy and oversight,” he stated.
Tinubu stressed the need for Nigeria to harness its critical minerals wealth responsibly to build a fortified economy that creates jobs and supports industrial clusters. His administration is committed to responsible, people-centered mining and is enforcing strict environmental regulations to prevent pollution of farmlands and water sources. “We are requiring mine operators to rehabilitate sites and respect biodiversity. We are also promoting transparency through initiatives like the Extractive Industries Transparency Initiative (EITI), as our citizens deserve to know how their natural resources are managed and utilized,” he added.
The president highlighted the importance of safety and security in mining areas for all stakeholders, including investors, workers, and residents. “Our government has taken steps to improve security in regions where mining activities are ongoing, working to eliminate banditry and conflict that threaten both people and projects. A secure environment is the bedrock of sustainable resource development,” he concluded.
In his remarks, the Minister of Solid Minerals Development, Dr. Dele Alake, expressed confidence that the conference would inspire innovations, new partnerships, and renewed confidence in the future of Nigeria’s solid minerals sector. Mr. Dele Ayankele, the National President of the Miners Association of Nigeria (MAN), noted that the annual event had been instrumental in leading conversations that have marked the growth and development of Nigeria’s solid minerals sector. Ayankele urged participants of the conference to explore opportunities for business, knowledge sharing, and international collaborations.
